ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

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  Myanmar earned over USSD $ 1.8 billion from the natural gas export in six months in this fiscal year

  Myanmar earned over US$1.8 billion from natural gas export from October 1 to March 27 in this fiscal year and it is more US$18 million in comparison with the same period in the last fiscal year, according to the Ministry of Commerce. Myanma Oil and Gas Enterprise (MOGE) under the Ministry of Electricity and Energy (MOEE) produced 3.32 million of barrels of crude oil and over 623,000 million of cubic feet of natural gas from 86 offshore and onshore oil and gas blocks within the third year of this government term, according to a press conference on achievements in the third year in office the MOEE held at the Ministry of Information at Nay Pyi Taw on May 9, 2019.
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  South Korean and Chinese stakeholders in Myanmar urged the authorities to review the possibility of providing a stimulus package for to foreign owned garments businesses

  South Korean and Chinese stakeholders in Myanmar are urging the authorities to review the possibility of providing a stimulus package for foreign investors in the local garment industry at a time when the supply of raw materials has stalled and importers from the West have begun to cut orders from Myanmar’s factories. Myanmar’s manufacturing industry is experiencing an unprecedented slowdown as a result of COVID-19 pandemic sweeping the world. In a recent interview, South Korean Ambassador to Myanmar Lee Sang-hwa told The Myanmar Times that South Korean garment businesses are struggling to sustain their operations, but they are willing to tighten their belts and share the burden instead of laying off workers. “Given the magnitude of the suffering, the Myanmar government should proactively consider an incentive and stimulus package [for foreign garment businesses] as far as they can,” he said.
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  Chinese consortium may avoid fines despite missing emergency power deadline

  Three projects totaling 900 megawatts that were due to go live on April 3 remain weeks, possibly months, away from completion. But thanks to COVID-19 and the apparent absence of a signed contract, the developers may avoid the heavy fines. A Chinese consortium investing US$800 million in emergency power projects may escape heavy fines for failing to complete its projects on time by claiming to have been hampered by the COVID-19 global pandemic, officials say. It is unclear whether the deadlines are even legally binding, one official told Frontier, as the consortium may not have signed a final contract with the ministry despite having already invested hundreds of millions of dollars in the projects.
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  The value of share prices at Yangon Stock Exchange (YSX) fall despite an increase in trading volume

  The value of shares traded on the Yangon Stock Exchange (YSX) in March has dipped to K1.42 billion compared with K1.48 billion recorded in February, despite an increase in trading volume, the exchange’s monthly report stated. The drop in total trading values last month is attributed to a fall in share prices. In January 2020, 196,836 shares worth K1.25 billion were traded on the exchange while 188,919 shares were traded on the exchange in February and 228,913 shares were traded in March.
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  Myanmar Investment Commission (MIC) approved more than USD $ 500 million worth of Foreign Direct Investment (FDI)

  The Myanmar Investment Commission has approved more than US$500 million worth of foreign direct investments (FDI) from 11 businesses and K50 billion in local investments on April 3, a day after the total number of COVID-19 positive cases in the country climbed to 20. The approved amount of $555.233 million and K 51.040 billion includes investments into sectors such as industry, construction and services, in addition to the expansion of 13 existing businesses. After the businesses are in operation, a total of 3234 jobs could be created for Myanmar.
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  Ministry of Commerce (MOC) issued USD $35 million worth export/import licences via online system in two days

  Export/import licences were issued via the online system and valued at over US$35 million in two days according to the Trade Department under the Ministry of Commerce on 3 April. The trade department issued the export/import licences through the online system starting from 1 April after scrutinizing to ensure the traders’ convenience in the event of Covid-19 spread. The department has issued 46 export and import licences through the online system and they have been valued at over $15 million on 1 April while the department issued 67 licences valuing at over $20 million on 2 April. The entrepreneurs can apply for the export and import licences through the online system as well as at the department.
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  Ministry of Planning, Finance and Industry commenced a pilot project for loan disbursement of capital for SMEs in Nay Pyi Taw

  A pilot project for loan disbursement of capital for SMEs, agriculture and livestock breeding in Nay Pyi Taw Council Area will be implemented by the Ministry of Planning, Finance and Industry. Myanma Economic Bank (MEB) and Myanma Agriculture Development Bank will cooperate with the Ministry for the pilot project. On Thursday, 126 million kyats loan disbursement was delivered to 13 farmers from Nay Pyi Taw Pyinmana Township.
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  World Bank urged right mix of polices on health and economy to mitigate economic shock of COVID – 19

  The World Bank says countries in East Asia and the Pacific must act now to mitigate economic shock of COVID-19. The organisation said this in its Economic Update for East Asia and the Pacific report released on Monday. Developing economies in East Asia and the Pacific (EAP), recovering from trade tensions and struggling with COVID-19, now face the prospect of a global financial shock and recession, the report said. Impacts on the economic growth of Myanmar in 2019/20 are also estimated to be severe, but dampened by strong performance before the pandemic. The economy can recover quickly with the right mix of health and economic policies.
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  Japan International Cooperation Agency (JICA) provides ¥ 47 billion for two infrastructure projects

  The Japan International Cooperation Agency (JICA) and Myanmar’s government on Tuesday agreed to official development assistance (ODA) loans to contribute to economic and social development through improvements to the railway system and electricity supply. JICA signed the loan agreements with the government to provide the ODA loans of up to a total of ¥47.94 billion (K607.3 billion) for the two projects. Of the total, ¥40.6 billion will be used for the first phase of the Yangon-Mandalay Railway Improvement Project, while ¥7.33 billion will be for a third phase of infrastructure development in the Thilawa Special Economic Zone.
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  Government will take action against retailers who practice price gouging under the Essential Goods and Services Law

  The government it will take action against retailers who raise prices indiscriminately for items such as hand sanitiser, face masks, medicine, and other essential goods, an official from the Ministry of Commerce says. A directive addressing the matter will be issued by the ministry, the official said on Monday. A senior official from the Consumer Affairs Department also confirmed that retailers who practise price gouging could face action under the Essential Goods and Services Law. The Myanmar Times has learned that the ministry is currently discussing whether to impose price controls for items related to combating the coronavirus outbreak, certain medicines, and food.